The Balearic government believes that Brexit will have little impact on the Balearics this year. The minister for employment, trade and industry, Iago Negueruela, said yesterday that Brexit is a case of wait and see in terms of how it affects the European financial system and economy.
He hopes that there will be a "quiet debate" over the exit, adding that there have been no immediate effects on the Balearic economy. Nor will there be in the short term. Brexit, he observed, is a slow process and even when it becomes effective, there will still be tourism. He noted that 2018 packages are already being negotiated, accepting that there is something of a "fight" over prices with tour operators.
According to a government study, there was no appreciable impact last year. Although the pound's value fell by 16%, the number of UK tourists increased by over eight per cent, while the average daily spend was over five per cent higher than in 2015.
The director-general for economic affairs, Llorenç Pou, added that variations in the value of the pound would have limited impact on the volume of Balearic exports because these are diversified. Moreover, hotelier bookings suggest that there will be another tourism season with very high occupancy; much capacity is already sold.
Ministry figures indicate that 44% of UK tourist spending goes on tourist packages, 24% of it is for restaurants and activities, 17% is for accommodation and 15% for transport.
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